Indiana Code 27-8-4-9.5. Debtor’s right to cancel policy; required provisions in application form; time limit
Current as of: 2024 | Check for updates
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Sec. 9.5. (a) An individual or group policy of credit life insurance or credit accident and health insurance may not be delivered or issued for delivery in Indiana unless the application or authorized form:
(2) informs the debtor of the right to cancel in plain and conspicuous language.
(1) provides the debtor with a right to cancel the policy not more than fourteen (14) days after the policy is issued; and
(b) The language informing the debtor of the right to cancel under subsection (a)(2) must explain the way in which the debtor may cancel the policy and, if applicable, the address to which the debtor may mail the notice of cancellation.
(c) After the debtor cancels a policy under a provision required by subsection (a), the insurer or creditor shall return to the debtor the premium paid by the debtor.
As added by P.L.226-1993, SEC.1.
Indiana Code 27-8-4.9-5. Covered individual’s opportunity to opt out
Current as of: 2024 | Check for updates
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Terms Used In Indiana Code 27-8-4.9-5
- Contract: A legal written agreement that becomes binding when signed.
- covered individual: means an individual entitled to coverage under a health benefit plan. See Indiana Code 27-8-4.9-1
- health benefit plan: means a policy, contract, certificate, or agreement that is entered into, offered by, or issued by an insurer to provide, deliver, arrange for, pay for, or reimburse any of the costs of health care services. See Indiana Code 27-8-4.9-2
- plan sponsor: means a person that establishes, adopts, or maintains a health benefit plan that covers individuals in Indiana. See Indiana Code 27-8-4.9-3
Sec. 5. Before providing delivery by electronic means to a covered individual for whom the plan sponsor of a health benefit plan has provided consent under section 4 of this chapter, the insurer that entered into, offered, or issued the policy, contract, certificate, or agreement constituting the health benefit plan must provide the covered individual an opportunity to opt out of the mailing by electronic means of communications related to the health benefit plan and the electronic delivery of health insurance identification cards.
As added by P.L.226-2023, SEC.23.